Rig counts fell for a record 19th week in a row. Total rigs dropped 34 to 954 and oil rigs dropped 26 to 374. This means the total rig count drop is now greater than 50% - the fastest drop since 1986.
Crude prices had slid into the rig count announcement and popped afterwards.
[3]
This is a record 19th week of consecutive rig count declines...
[4]
Leaving the total rig count decline now over 50% - the most since 1986...
[5]
Charts: Bloomberg
